Zotefoams has announced its interim results for the six month period ending on June 30th.
The period saw record Group revenue of £42.30 million, an increase of 12 per cent on the prior period, and a nine per cent increase in constant currency.
Paul Cordwell
Profit before income tax was up seven per cent to £4.93 million, and operating profit before changes in working capital and provisions up 11 per cent.
David Stirling, Group CEO, said: “Zotefoams’ ambition is to be the world leafer in cellular materials technology in our chosen markets and, in the period, we have again delivered strong organic growth with record Group revenue and half-year earnings.”
“Potential new project in MuCell Extrusion and HPP in particular, offer a clear opportunity to grow the Zotefoams business to revenues of £100 million and beyond.”
“To hit this milestone in 2020 we need to maintain momentum in business development and technical support of these opportunities to create significant shareholder value in future years.”
“We expect Zotefoams to deliver further growth in 2019 and meet market expectations, however, we are mindful of a difficult current trading environment in European polyolefin foams markets and the less stable political and macroeconomic environment. The Board remains confident in the future prospects for the business.”